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I thought it was a pretty straightforward paper.
Q1, wrote to risk aversion and shareholders being concerned with earnings volatility. Mentioned the steel price risk which had been mitigated and the remaining risk remaining as the government demand risk.
Did Appendix with both Maximax Maximin and Minimum Regret as well as EV calculations.
Discussed matching the Maxi… decision with risk tolerance and EV being based on rational model.
Q2, Pyramid wrote to communicating values from top down and critical success factors from bottom up. Current KPI were crap – issues or short term focus, question of investment in assets, manipulation of accounting numbers. Used operational information to put to together a suggested report including notes as to what was being measured/indicated and where additional informational could be needed. Tied it into mission statement when applicable.
Q3 – Current system security issues esp USB usage, need for user verification (head of department and administrator both entered data) and time limited passwords, lack of back-ups. Reports no structure across departments, information difficult to interpret (no percentage changes etc.) need to have more than one year. Lack of relation to other parts of mission statement namely confidence and citizenship. Suggested student/parent and alumni surveys. Increased risk of security problems under new network with connection to the Internet.
Q4 – Adjusted budget to 12% contraction in market. Focus on performance assessment requirements for clarity and controllability. As well as need to link KPIs with overall value enhancement and motivation of management.
I did it in reverse as well but had about 55 mins for Q1 which was sufficient to write report and do calculations in appendix.
I think this comes from the last sentence in the second paragraph.
This business now accounts for one third of the company’s total revenue
And Kaplan text is always right?
The relief isn’t given in most jurisdictions the examiner choose to follow the real world practice. No further explanation necessary.
Issue costs are not normally deductible for tax purposes. I think the examiner is simply following the real world treatment.
Where are you getting 6.97%. Current LIBOR is 6% and the range used is 5.5% to 7%, the 90bp margin over LIBOR doesn’t change.
He sells the March futures at 93.870
I don’t have the Kaplan kit here but if you have the proportion of each industry and the beta of one and the total beta it’s simple algebra to solve for the second beta.
I passed F4, F6, F8 and P2 in June, it’s definitely doable but you need to put in the time ahead of the couple of weeks before the exams.
I’m working on P1, P3, P4 and P5 for December.
Passed P2 61% first time. Also passed F4, F6, F8 all first time.
All hail the Great Spaghetti Monster His Noodliness knows no bounds.
For 5 b I said that the amount of misstatement was unlikely to be material but it would be up to the judgement of the accountant. The figure given was the total for the 2 months wages not an error total the total errors would only be a portion of this and that analytical procedures would help auditor determine if these were likely to be material.
The UK FRC has one here Glossary of Auditing Terms
I like Kaplan I think their learn as you go along questions are preferable to the ones at the end of each chapter of the BPP book but either are very good.
I think the technical articles published by ACCA are very useful and I normally run through some notes like LSFB in the days immediately before the exams. The examiners’ reports get read three times, during study, during review and the night before the exam. IMO they’re worth their weight in gold even at current prices.
I’m doing P2 IRL which is pretty much the same as UK except for some of the legal aspects.
Thanks husnfzal but I think I’ll pass on the study group. I’ll be more effective on my own and won’t have to worry about people throwing their toys out of the pram just because a group member asks a question. I expect to participate in the forum especially as I get into the practice and past exam questions. Good luck everyone.
@vidzasha said:
hey congrats! 🙂 that’s awesome. how did u manage to do it? u must have worked really hard. Are u a full time student?No, I work freelance, between 30 and 50 hours a week. I started in late October used the Kaplan books read the books than completed about 75% of the exam kit. Kept my head in the exams answered all the questions, staying as close as possible to the time designated for each. Did very well in 3 off them (>=69) less well in the 4th but that was the one I took while I had the flu and I passed with a reasonable margin.
I did F1, F5, F7 and F9 in December and passed them all. For June I’m doing F4, F6, F8 and P2.
I’m studying P2 using Kaplan as well.
Work freelance anything from 20 to 60 hours a week. I’m taking P2 as well as F4, F6 and F8 in June. Serious studier passed 4 ACCA exams in December after finishing the last two of my PRM exams in late October. I think I answered some of your queries over on F9 before the December exam.
Have skype on one laptop but would probably be more interested in working primarily via email.
You cannot do P2 with F7 as the exams are scheduled at the same time. Maybe P1 as it’s a theory based paper and both of those you failed are very numerical.
I passed F1, F5, F7 and F9 in December. All with plenty of room to spare. I started studying about 9 weeks out, used Open Tuition and Kaplan. Paid plenty of attention to the examiners reports, did most of the revision kits as well as past papers.
I’m sitting F4, F6, F8 and P2 in June and fully intend passing the four. IMO it’s a matter of understanding the material, practice questions and being aware of what the examiner is looking for and timing in the exam hall.
Sathjyot there is no evidence to say an average student scores 50%. In fact based on the pass rate of 43% for F9 in June 2010 it would appear that the average student scores less than the 50% required to pass if the scores are in fact normally distributed.
Read the text doing all the test your understanding and chapter review questions.
Do all of the review pack questions.
Be prepared for anything in the syllabus to be asked.
Take notes on all theory topics and be well prepared for the essay portions of each question.
Rajad2010, your vocabulary obviously needs some work as well.
FYI
Reasonable:
showing reason or sound judgment;
fair: not excessive or extreme;
marked by sound judgment;Definitely not how one would describe your responses on this forum.
I do think you should at least be enough of a man to apologize if you wish to leave this in the past. Your behavior here has been despicable.